Finance

25th January 2019

Funding later life and care, whether at home or in a care home, can be complicated, expensive and unpredictable. Finding your way through the maze of options of care for a parent or elderly relative can prove challenging and finding the right advice, solution and result is not always easy. We have lots of help and information here for you from the Age Space Team.

 

 

Funding Elderly Care

Funding elderly care and later life can be complex, expensive and unpredictable as needs change. This section includes information about all the care funding options available.

Local Authority Funding

Where care needs are social (assistance with daily living) and individual assets are below £23,250, the local authority will assess which one of three categories your parent may fall into in terms of care.

NHS Funded Care

When you look after a parent with a health condition, who now requires continual care, you may not know where to turn.  

Annuities

Historically, an annuity was bought at the point of retirement with a lump sum saved into a defined contribution pension. 

Deferred Payment Agreements

A Deferred payment agreement is an arrangement with the local authority that lets people use the value of their homes to help pay care home costs.

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